Jammu, May 19 (KNN)) Federation of Industries Jammu and Federation of Industries Kashmir have hailed the the state finance minister for release of 90% payment on proviosional basis under CGST and SGST refund claims of the industries in Jammu & Kashmir.

A delegation of industrialists from both the federations under the Chairmanship of Lalit Mahajan, Chairman FOIJ and Ashraf Mir, President FOIK met Syed Mohd Altaf Bukhari, Finance Minister during a high level meeting in Srinagar.

During the course of discussions, the representative of FOIJ/FOIK raised the issue in respect of blockage of huge amount of working capital in respect of deposit of IGST/CGST and SGST since  July 8, 2017 when the GST was implemented.

The issue regarding the denial of Price Preference by the Power Development Department and other State Government Departments were also discussed in the meeting and the kind attention of the Minister was sought to resolve the issue on priority basis, FOIJ said in a release.

 Finance Minister gave a patient hearing to the issues raised by Federation of Industries Jammu & Kashmir and issued on spot instructions to Principal Secretary, Finance Department for the release of 90% payment on Provisional basis in respect of CGST/SGST Refund claims of Industrial Units of J&K.

It was also decided in the meeting to convene a high level meeting of Finance Department, Industries Department & Power Development Department next week with the representatives from FOIJ/FOIK to resolve the issue of Price Preference and other related issues of the Industrial Sector of J&K.